2012 and Wake County Property Taxes

2012 is the mid-point of the Wake County property tax assessment cycle. We reassess all properties every eight years. Last full property tax reassessment was performed in 2008, and the next full reassessment is scheduled for 2016.
Volatility in the Triangle housing market has raised the question of whether such a cycle is adequate. When some real estate values dip or increase more relative to other properties, should assessed values be corrected to be accurate? What costs would taxpayers have to be willing to absorb for more frequent reassessments?

The N&O had an article today, regarding the quandry, and the issue in Orange and Chatham Counties where property tax reassessments may possibly be delayed to avoid increasing the tax rates to maintain revenue.

It is more politically feasible to delay assessment than to be the one who voted for a tax rate increase, even if the bill stays the same…

3 thoughts on “2012 and Wake County Property Taxes”

Hey Mike – I stumbled across this post after a real-estate search for rental property investing in the area.

I’m thinking about buying an older home in Wake Forest whose owner put in MASSIVE upgrades after the 2008 county-wide property value reassessment. It was assessed @ $180k in 2008 and it’s probably worth double that now. I’m sure building permits were pulled for the work they did.

Will the Wake County reassess this property mid-cycle (before 2016), effectively doubling the property taxes for this home? Or will it stay as-is until they do an entire, county-wide reassessment?

My first question would be whether proper permits were pulled and inspections performed on the renovations. If so, Wake County should be aware and will likely reassess. It happens often, and happened to us when we added a screen porch between regular reassessments.